Of the following, which country has the highest annual real GDP per capita according to the International Monetary Fund and World Bank?
A. United States
B. China
C. Italy
D. Russia
Answer: A
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At prices above the equilibrium price, what occurs?
What will be an ideal response?
Homogeneous products are indistinguishable from each other.
Answer the following statement true (T) or false (F)
Which of the following does not correctly characterize modern economic growth?
A. It has occurred only in the last 200 or so years. B. It has not affected the average lifespan of human beings. C. It drastically alters the culture and politics of society. D. It spread slowly across the globe, with some societies not having experienced it yet.
How does contractionary monetary policy affect net exports in the short run?
A) Contractionary monetary policy reduces exports and increases imports. B) Contractionary monetary policy increases exports and reduces imports. C) Contractionary monetary policy increases exports and increases imports. D) Contractionary monetary policy reduces exports and reduces imports.